TORONTO, Jan. 19, 2018 (GLOBE NEWSWIRE) — VITALHUB CORP. (TSXV:VHI) (the “Company” or “VitalHub”), is pleased to announce that it has acquired Clarity Healthcare Solutions and other selected assets of Clarity Health Inc. (“Clarity”), such assets having previously represented approximately $200,000 in revenue for Clarity in its last fiscal year (the “Acquisition”) pursuant to an acquisition agreement (the “Agreement”) dated January 17, 2018.
“We are excited to have the Clarity Healthcare Solution customers join the VitalHub family of products,” said Daniel Matlow, Chief Executive Officer of VitalHub. “This is the third acquisition we have completed with similar solutions in the last three months. We continue to add synergistic and accretive solutions as we move forward with our M & A business plan.”
The purchase price for the Acquisition is $353,883 satisfied by the delivery today, on closing of the Acquisition, of 2,527,735 common shares of VitalHub (“Common Shares”), at a deemed price of $0.14 per Common Share (the “Share Purchase Price”), to Clarity.
In advance of closing the Acquisition, the Company had 122,357,974 Common Shares issued and outstanding. Upon delivery of the Share Purchase Price, the Company now has a total 124,885,709 issued and outstanding Common Shares. The Share Purchase Price is subject to escrow and is to be released in four equal amounts over the period of twelve (12) months beginning with the date that is three (3) months after the date of closing.
Concurrent with today’s closing of the Acquisition, Clarity’s principal, Saverio Rinaldi, has entered into a consulting agreement with VitalHub to assist with the transition of Clarity Healthcare Solutions into VitalHub’s own suite of products.
“We are excited to be a part of VitalHub, knowing that our clients will continue to be well served as we move forward together,” said Saverio Rinaldi, Chief Executive Officer of Clarity Health Inc.
About Clarity Health Inc.
Clarity is a Canadian Healthcare software and consulting services company specializing in patient centric solutions. Clarity Healthcare Solutions a web-based interface and data entry solution used by leading healthcare organizations to perform in-patient assessments, as it streamlines resident assessments and reporting for complex continuing and long-term care providers. Its applications include Mental Health, Rehab and Homecare assessments.
VitalHub delivers an innovate platform for the creation of mobile health applications that increases productivity within healthcare settings. The VitalHub platform provides the ability to integrate existing individual healthcare applications while maintaining the control, security and privacy essential in healthcare. VitalHub’s applications are focused on the fast-growing mental health and long term care markets and the company plans to strategically acquire and grow business in these areas. Currently over 50 healthcare institutions across Canada use products from VitalHub and its subsidiaries.
VitalHub is based in Toronto, ON, and publicly traded on the TSX Venture Exchange: VHI.
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Chief Executive Officer, and Director
The TSX Venture Exchange has in no way passed upon the merits of the transactions and has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.